Bitcoin climbed above $72,500, hitting its highest level in 11 weeks. It rose more than 4 percent on the day after retesting $71,000 and reaching around $72,800. The move came as renewed U.S.-Iran tensions affected markets, with U.S. stocks opening lower and oil prices jumping. Some analysts said it is still uncertain whether the rebound marks a return to a bull market, while on-chain indicators showed modest demand improvement.

Bitcoin slid below $64,000 ahead of the U.S. consumer price index (CPI) release, hitting its lowest level in a week. Gold rose to a nine-week high, signalling renewed demand for safe-haven assets as uncertainty increased. Spot gold climbed to $4,435 an ounce, while inflows into gold ETFs outpaced those into spot bitcoin ETFs. Analysts said bitcoin’s short-term resistance remains below $66,000, with markets watching July U.S. CPI data due on Aug. 12.